We all know how hard Covid-19 has hit countries worldwide and Thailand is no exception. The only thing is that Thailand could contain the pandemic smartly much earlier.
To support the declining economy post-Covid, the government distributed cash handouts to the citizens who were majorly affected by the disruption and those in vulnerable sectors like farmers and the poor.
The Bank of Thailand also came forward by reducing their policy rate by three times and lowering the rate to a historic low. Similarly, the banks introduced soft loan schemes and a debt holiday majorly for the private sector. To sum up, these measures were implemented to give a liquidity backstop and a respite for all the businesses that were facing issues from lockdown.
Almost 30 million people were provided with direct financial support from the Thai government. The present fiscal stimulus packages are implemented to boost consumption, local tourism and investment.
How Thailand is staying strong
Considering mass tourism is unlikely to return very soon, Thailand is redesigning themselves for the wealthy tourists, which is expected to offset the losses in the tourism sectors.
With falling property prices, promoting the country as a destination to have a second home is more likely to boost property sector amongst the foreigners. This is why the government is considering schemes to make it more attractive for the expats to extend their stay.
Thailand intends to relax rules and regulations regarding work permits and start-ups so as to bring more talented and skilled personnel in the country.
Additionally, the country is planning to implement a proper water-management system so as to reduce flooding and droughts.
Furthermore, the government is aiming for the Thai farmers to help them in switch to higher value crops and smart farming.
With the success in fighting Covid-19, the country should be able to trap the opportunity to become a wellness hub while promoting itself as a country to live and work.
